Experts: Mortgage Rates Plunge, Get Yours Now
January 13th, 2009
ATLANTA — With home mortgage rates in Georgia now down as low as 4.5 percent for a 30-year fixed loan, for Michelle and Mike Herring that means a saving of $200 a month on a tight budget. Their interest rate will go from 5 7/8 percent, which they got just three years ago, to 4 ½ percent today.
“We’ve balanced our budget and we end up with the same amount going in as going out and we break even every month,” Herring said. “You start to analyze this bill and that bill, cut costs here and there. You can set the thermostat lower and it’s not making a big difference.”
But cutting mortgage interest is making a big impact.
